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Shenehon <br />& Associates, Inc. <br />Real Estate & Business Valuations <br />903 Midwest Plaza East, Minneapolis, MN 55402 - (612) 333-6533 FAX (612) 344.1635 <br />May 16, 19888 <br />Mr. Arne Gregory <br />Project Manager <br />Can -American Realty Corporation <br />1117 Marquette .',venue <br />Suite 200 <br />Minneapolis, MN 55403 <br />RE: MARKET ANALYSIS OF THE PROPOSED 321 UNIT ,APARTMENT PROJECT AT <br />LEXINGTON AVENUE AND COUNTY ROAD "C" IN ROSEVILLE, MINNESOTA <br />Dear Arne: <br />In accordance with your request, we have completed a brief analysis of the <br />above referenced property for the purpose of estimating the potential <br />marketability of the apartment project in the Roseville area. We have <br />visited the subject property and have find it to be an excellent candidate <br />for multi -family development. <br />..We have been provided the following information about the project: <br />Number <br />Unit type <br />Square feet <br />of Units <br />2, bedroom <br />800 <br />60 <br />1 bedroom <br />850 <br />61 <br />2 bedroom <br />1,050 <br />90 <br />2 bedroom split <br />1,076 <br />50 <br />3 bedroom <br />1,200 <br />60 <br />The complex will consist of three large 75-unit garden -style buildings <br />with sheltered, underground parking. The remaining 96 units will consist <br />of twelve 8-unit townhomes with garages providing direct accessibility to <br />each unit. <br />Common amenities include a clubhouse building with exercise groom, <br />community room, whirlpool/spa and pool with sundeck over a lake area. <br />This building is also used for the leasing office. The individual units <br />include central air conditioning, full size washer and dryer, deck, <br />fireplace, icemaker in the refrigerator, microwave, European -style <br />cabinets, window blinds in the bedrooms, and vertical blinds on the <br />sliding door. A retail center of approximately 40,000 square feet is <br />proposed for construction adjacent to the project. <br />We have surveyed several competitive apartment projects in the greater <br />Roseville area to determine market rents for the proposed project. <br />Roseville experienced a construction "boom" in apartment buildings in the <br />Appraisal - Consultation - Feasibility - Market Research <br />